Suppose the aggregate demand and short-run aggregate supply schedules for an economy whose potential output equals $2,700 are given by the table. Aggregate Quantity of Goods and Services Price Level Demanded Supplied 0.50 $3,500 $1,000 0.75 3,000 2,000 1.00 2,500 2,500 1.25 2,000 2,700 1.50 1,500 2,800 What is the short-run equilibrium level of real GDP"
Suppose the aggregate demand and short-run aggregate supply schedules for an economy whose potential output equals $2,700 are given by the table. Aggregate Quantity of Goods and Services Price Level Demanded Supplied 0.50 $3,500 $1,000 0.75 3,000 2,000 1.00 2,500 2,500 1.25 2,000 2,700 1.50 1,500 2,800 What is the short-run equilibrium level of real GDP"
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Suppose the aggregate
Aggregate Quantity of Goods and Services |
||
|---|---|---|
| Demanded | Supplied | |
| 0.50 | $3,500 | $1,000 |
| 0.75 | 3,000 | 2,000 |
| 1.00 | 2,500 | 2,500 |
| 1.25 | 2,000 | 2,700 |
| 1.50 | 1,500 | 2,800 |
What is the short-run equilibrium level of real
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